6.48 crore policyholders are eager to buy LIC IPO
Ever since the Life Insurance Corporation (LIC) announced launching the Initial Public Offering (IPO), 6.48 crore LIC policyholders have shown interest to get the high-profiled share of the largest insurance company in the country.
The policyholders are eligible to participate in the IPO if they open their DMAT account. Director of Department of Investment and Public Asset Management (DIPAM) Rahul Jain said anybody who is a policyholder can invest up to Rs 2 lakh in the reservation category and also Rs 2 lakh in the retail category.
Jain further said, “The response to our IPO launch is wonderful. We have some figures: 6.48 crore policy holders have linked their PAN number with the policy details up to the cut-off date (February 28, 2022).”
The LIC has set a price band of Rs 902-Rs 949 per equity share. 10 percent reservation is given to the policyholders in the IPO, whose shares have been earmarked. The government intends to raise Rs 21,000 crore through the issue. The LIC policyholders would get Rs 60 discount in the IPO.
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